Rangers takeover finally secured
Craig Whyte has completed his takeover of Rangers.
It is believed the Scottish tycoon's deal was ratified by the takeover panel last night.
The buy-out sees Whyte acquire 85.3% of shares in the club and replace Sir David Murray as majority shareholder.
Whyte announced plans for a takeover and revealed he was in talks with Murray International Holdings (MIH) in November.
In a statement released to the stock exchange it was confirmed that Wavetower, a company owned by Whyte, had completed the purchase of MIH's shares.
The statement read: “Wavetower is pleased to announce that it has today acquired 92,842,388 ordinary shares, representing approximately 85.3% of the issued share capital in The Rangers Football Club PLC (the “Club”), for a consideration of GBP1. Wavetower acquired its interest in the Club (the “Acquisition”) from Murray MHL Limited.
“The Acquisition would ordinarily have required Wavetower to make a general offer in cash under Rule 9 of the Takeover Code to all other shareholders in the Club but, as the consideration paid by Wavetower for the shares acquired is GBP1, the Takeover Panel has granted Wavetower a dispensation from making such an offer.
“Wavetower intends to post a circular to the Club's shareholders by May 16, 2011 containing background information on Wavetower and other relevant information.
“Wavetower intends to maintain the club's listing on PLUS Markets for a minimum of 12 months from the date of this announcement.
“Wavetower is 100% owned by Liberty Capital, a company which is ultimately owned by Craig Whyte. Craig is a lifelong Rangers supporter and is very much looking forward to guiding and assisting Rangers in its development over the coming years.”